EUROPEAN MORNING BRIEF 28/11: Al premiums fall in Europe, Asia; Trimet cuts alumina input by 10%; Anglo American raises Cu output guidance

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday November 28.

Base metals on the Shanghai Futures Exchange continued to be pressured by a strong dollar during Asian morning trading on Wednesday, with limited price movements recorded across most of the complex as a result.

Check Fastmarkets MB's live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

The looming backwardation in London Metal Exchange forward spreads in December into January are putting pressure on P1020 alumnium premiums worldwide, with lackluster end-of-year demand also weighing them down.

A lack of sufficient alumina supply has caused European aluminium producer Trimet to cut alumina input at its plants in Germany and France by 10%, the company told Fastmarkets.

Global miner Anglo American is optimistic about its copper production in Chile for years to come, it said on November 27. The company has raised or tightened upward its output guidance figures for the period from now until 2020.

The refined tin market, worth around $7.5 billion per year, could be in a position to benefit from a glut of technological applications over the next decade.

A new round of environmental inspections started on November 25 in Jiangxi province, a major ammonium paratungstate production hub in China, and is expected to last for 24 days, multiple well-informed sources told Fastmarkets MB.

Safety concerns and China’s recent tightening of rebar production standards should compel Southeast Asian steelmakers to start phasing out lower-strength and poor-quality rebar, delegates heard at a conference in Vietnam on Monday.

Mia Aureus

mia.aureus@metalbulletinasia.com

Published

Mia Aureus

November 28, 2018

05:20 GMT

Singapore